Audit Multiple Choice Questions with Answers. This book is specially uploaded for the student and ex students of Commerce and Business education. The author of the explain all question answers with full detail not only correct option of the question but all incorrect option of all questions. So this book you can found very excellent and noble from all other Audit MCQs with Answers books. Now days most of the test and interview are Objective or MCQs types. So we keep in mind these types test and interview and try to upload this type’s book and solve your ultimate problem. Once you read this book must and we are sure once you read this book you may score best marks in your test and interview. We write down one of two questions and answers for your kind review that you can judge that the book is really noble and fabulous.
Which of the following is an inherent limitation of internal controls?
01. Judgmental sampling.
03. Segregation of duties.
04. Employee peer review.
Option "02" is correct. Inherent limitations of internal control include collusion, human error, and Management override.
Option "01" is incorrect. Sampling is used in most audit applications, since it is generally not feasible to
Examine 100% of a population, but this is not an inherent limitation of internal control.
Option "03" is incorrect. Segregation of duties may be difficult to achieve in a small entity, and this can be viewed as an inherent limitation in internal control for such entities. However, this question does not
Mention the size of the entity, and generally speaking, segregation of duties is a control activity, not an Inherent limitation of internal control.
Option "04" is incorrect. Peer review is a form of monitoring, which is a control activity, not an inherent Limitation of internal control.
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